With annual sales of about $13 billion, it brings under one roof Advil painkillers, Tums stomach tablets, Sensodyne toothpaste and Nicorette gum.
Both Glaxo, the majority owner, and Pfizer, which has about a third of the business, are looking to focus on drug development.
Recent shifts in the health-care business and in the broader economy have challenged a model in which drugmakers control every corner of home medicine cabinets.
Big pharma companies
are increasingly focused on developing high-priced new medicines that draw on cutting-edge research in genetics and other fields.